Browsing by Subject "tulonjako"

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  • Delis, Manthos D.; Hasan, Iftekhar; Kazakis, Pantelis (2012)
    Bank of Finland Research Discussion Papers 18/2012
    Published in Review of Finance, 18,5,2014: 1811-1846
    This paper provides cross-country evidence that variations in bank regulatory policies result in differences in income distribution. In particular, the overall liberalization of banking systems decreases the Gini coefficient and the Theil index significantly. However, this effect fades away for countries with low levels of economic and institutional development and for market-based economies. Among the different liberalization policies, the most significant negative effect on inequality is that of credit controls, which also seem to have a lasting effect on the Gini coefficient. Banking supervision and the abolition of interest rate controls also have a negative yet short-run impact on income inequality. A notable finding is that liberalization of securities markets increases income inequality substantially and over a long time span, suggesting that securitization widens the distribution of income. We contend that these findings have new implications for the effects of bank regulations, besides those related to their impact on financial stability. Keywords: Bank regulations; Income inequality; Cross-country panel data; Instrumental variables; Panel VAR JEL classification: G28; O15; O16
  • Wang, Jiao; Mayes, David; Wan, Guanghua (2005)
    BOFIT Discussion Papers 18/2005
    Using a CGE model (PRCGEM) updated to 2002, the paper explores how WTO membership could affect earnings in 40 industries across 31 regions (and 8 regional blocks) of China during the period 2002 2007.Taking into account labour movement between regions within China, the direct contribution of WTO membership to overall economic growth and development is predicted to be small, with a rise in real GDP of only 6.48% short term and 5.6% long term. However, structural economic change and the WTO shock should increase regional output, especially in the established coastal economies.Regional labour movement is found to increase 69.2% at the completion of economic structural reforms.A slight decrease in the Gini coefficient for income inequality is also anticipated. Keywords: Applied CGE modelling, China, WTO, labour movement, inequality JEL classification: C68, O18, R12, R23
  • Nyberg, Peter (1980)
    Finlands Bank. B 34
    FÖRORD 5 1. INLEDNING 1. 1. Varför en utredning om emigration? 7 1. 2. Emigrationen i den ekonomisk-teoretiska diskussionen 8 1. 3. Arbetskraftsbegreppet 11 1. 4. Undersökningens uppläggning 13 2. EMIGRATIONENS ORSAKER 2. 1. Inledning 15 2. 2. Emigrantens beslutssituation 16 2. 3. Arbetskraftsutbud under osäkerhet 19 2. 4. Den makroekonomiska emigrationsfunktionen 27 2. 5. Inforrnationsspridningens roll i emigrationsprocessen 31 3. EMIGRATIONEN FRÅN FINLAND TILL SVERIGE 1962-1977 3. 1. Inledning 36 3. 2. Emigrationens institutionella bakgrund 37 3. 3. Uppställning av tilläggshypoteser 38 3. 4. Estimering av migrationsekvationerna 40 4. EMIGRATIONENS INVERKAN PÅ ARBETSMARKNADEN I HEMLANDET 4. 1. Inledning 49 4. 2. Emigrationens 50 4. 3. Emigrationens struktureffekt och inverkan på participationskvoten 55 4. 4. Emigration, arbetsmarknadens anpassningshastighet och lönenivån i hemlandet 57 4. 5. Sammanfattning 61 5. EN MODELL FÖR UTVÄRDERING AV EMIGRATIONENS EKONOMISKA EFFEKTER PÅ MEDELLÅNG SIKT 5. 1. Inledning 63 5. 2. Grundmodellen 65 5. 3. Autonom emigration i grundmodellen 74 5. 4. Emigration och befolkningsstrukturens förändring I grundmodellen 75 5. 5. Emigrationens efterfrågeeffekter i grundmodellen 77 Emigrationens inverkan på konsumtionskvoten 77 Emigrationens inverkan på företagsinvesteringarna 79 Emigrationens inverkan på de offentliga utgifterna 80 Sammanfattning 82 5. 6. Emigrationsinduoerad nedgång av arbetsmarknadens anpassningshastighet 82 6. EMIGRATIONENS EFFEKTER I EN UTVIDGAD GRUNDMODELL 6. 1. Inledning 84 6. 2. Modifikation av grundmodellen 84 Endogen produktivitetstillväxt 84 Endogent arbetskraftsutbud 91 Endogen emigration 92 Endogen emigration och produktivitetstillväxt 95 Emigration och differenser i reallön 97 Sammanfattning av grundmodellen och dess varianter 98 6. 3. Utrikeshandelns roll i grundmodellen 99 6. 4. Internationella kapitalrörelser och remitteringar 105 6. 5. Den icke-lineära investeringsfunktionen 109 7. SAMMANFATTNING SAMT KOMPLETTERANDE SYNPUNKTER 7. 1. Emigrationens roll i den ekonomiska utvecklingen – en sammanfattning 112 7. 2. Emigrationens effekter i Finland - en hypotetisk tillämpning av modellen 115 7. 3. Analysens relevans och frågor för framtida forskning 117 SUMMARY 121 LITTERATURFÖRTECKNING 132
  • Karjanlahti, Kristiina (2016)
    Euro & talous. Blogi
    Eriarvoisuuden lisääntyminen ja sen merkitys talouden aktiviteetille on ollut pinnalla. Keskustelua on siivittänyt viimeisten vuosikymmenien aikana tapahtunut tuntuva tuloerojen kasvu.
  • Sánchez-Fung, José R. (2015)
    BOFIT Discussion Papers 17/2015
    ​The paper estimates the impact of monetary policy on income inequality in China. The empirical modelling finds that a battery of monetary indicators, including a monetary overhang measure derived from a money demand equation, and the change in the unemployment rate lead to increases in the Gini coefficient. However, only unemployment is statistically significant. The lack of significance of the monetary indicators is robust to alternative specifications with variability in nominal aggregate demand instead of unemployment.
  • Hasan, Iftekhar; Horvath, Roman; Mares, Jan (2020)
    Journal of International Money and Finance November
    Using a global sample, this paper investigates the determinants of wealth inequality capturing various economic, financial, political, institutional, and geographical indicators. Using instrumental variable Bayesian model averaging, it reveals that only a handful of indicators robustly matters and finance plays a key role. It reports that while financial depth increases wealth inequality, efficiency and access to finance reduce inequality. In addition, redistribution and education are associated with lower inequality whereas wars and openness to international trade contribute to greater wealth inequality.
  • Horvath, Roman; Horvatova, Eva; Siranova, Maria (2017)
    BOFIT Discussion Papers 12/2017
    We examine the determinants of financial development using our global sample and employing a rich set of measures of financial development that assess the degree of depth, access, stability and efficiency of financial intermediaries. We use Bayesian model averaging to test competing theories within this unifying framework. Examining nearly 40 potential determinants of financial development, we find that the rule of law and the level of economic development are the most important. Wealth inequality is irrelevant for banking sector development but positively associated with stock market development. Finally, our results suggest that financial market regulations matter for stock market efficiency and financial stability.
  • Delis, Manthos D.; Hasan, Iftekhar; Mylonidis, Nikolaos (2020)
    Applied Economics 11 ; March
    Using country-level panel data over 1995–2013 on within-country income inequality and foreign bank presence, this paper establishes a positive relation between the two, running from higher foreign bank presence to income inequality. Given that foreign bank participation increased by 62% over the period 1995 to 2013, our baseline results imply a 5.8% increase in the Gini coefficient on average over this period, ceteris paribus. These results are robust to the inclusion of country and year fixed effects and to the use of restrictions on foreign bank entry in the host countries as an instrumental variable. We show that this positive effect is channelled through the lack of greenfield entry and the associated lower levels of competition.
  • Karjanlahti, Kristiina (2016)
    Euro & talous. Blogi
    Nationalismin kasvu sekä siirtolaisuuden, kansainvälisen kaupan ja globalisaation vastustaminen ovat ravistelleet Euroopan ja USA:n politiikkaa. Vastustuksessa on korostunut pelko kehittyneiden maiden työpaikkojen puolesta.
  • Herrala, Risto (2007)
    Bank of Finland. Bulletin 3/2007
  • Tarkka, Juha; Willman, Alpo (1990)
    Bank of Finland Research Discussion Papers 7/1990
    This paper describes how income distribution and government finances are modelled i n BOF4, a quarterly econometric model of the Bank of Finland. The equations eomprising the ineome distribution and government finanees bloek in the model eonsist of tax equations, behavioural equations for the local government sector and a large number of accounting identities linking produetion and prices to incomes ofhouseholds and other seetors of the economy.
  • Kerr, William R. (2013)
    Bank of Finland Research Discussion Papers 31/2013
    Published in Journal of Monetary Economics, Volume 66, September 2014: 62-78
    In cross-sectional studies, countries with greater income inequality typically exhibit less support for government-led redistribution and greater acceptance of wage inequality (e.g., United States versus Western Europe). If individual nations evolve along this pattern, a vicious cycle could form with reduced social concern amplifying primal increases in inequality due to forces like skill-biased technical change. Exploring movements around these long-term levels, however, this study finds mixed evidence regarding the vicious cycle hypothesis. On one hand, larger compensation differentials are accepted as inequality grows. This growth in differentials is of a smaller magnitude than the actual increase in inequality, but it is nonetheless positive and substantial in size. Weighing against this, growth in inequality is met with greater support for government-led redistribution to the poor. These patterns suggest that short-run inequality shocks can be reinforced in the labor market but do not result in weaker political preferences for redistribution. JEL Classification: D31, D33, D61, D63, D64, D72, H23, H53, I38, J31, R11. Key Words: Inequality, Social Preferences, Social Norms, Redistribution, Welfare, Class Warfare.
  • Lindberg, Walter (1926)
    Bank of Finland. Monthly Bulletin 6 ; 11 ; November
  • Hake, Mariya; Poyntner, Philipp (2020)
    BOFIT Discussion Papers 3/2020
    This paper constitutes an initial attempt to shed light on the role of income distribution in household debt and financial market access in Central, Eastern and Southeastern Europe (CESEE). Using household-level data from the OeNB’s Euro Survey for the period 2009-2018, we address the question whether interpersonal comparisons (“keeping up with the CESEE Joneses" i.e. "the Novaks”) affect the probability of having and planning a loan. Applying multilevel probit modeling to take into account the hierarchical structure of the data, our results support the notion that higher income inequality is negatively correlated with the probability of having a loan at the bottom of the distribution, and positively at the top. We show this impact for almost all components of household debt, but evidence is strongest for mortgage, car and foreign currency loans. Interpersonal comparisons turn out to drive loan intentions, however, mainly on the very top of the income distribution.
  • Mäki-Fränti, Petri; Silvo, Aino; Gulan, Adam; Kilponen, Juha (2022)
    Bank of Finland Research Discussion Papers 3/2022
    We study the impact of monetary policy on income and wealth distributions in a small open economy. To do so, we use household-level registry and survey data from Finland, a small member of a monetary union. This setup allows us to circumvent endogeneity issues and thus helps achieve causal interpretation. We find that expansionary monetary shocks stimulate economic activity, earnings, and asset prices, while barely affecting income and wealth inequality. The reduction in unemployment mostly benefits households in lower income quintiles, where the initial rate of unemployment is high. Households in upper income quintiles, where the rate of employment is higher, benefit relatively more from higher wages. Higher house prices increase the net wealth of all homeowners. However, due to a leverage effect, households with large mortgages located in the lower net wealth quintiles benefit most. Rising stock prices, in turn, benefit mainly households in the top net wealth quintile. Overall, these different channels have counteracting effects on income and wealth inequality.
  • Kajanoja, Lauri (2016)
    ​Tuloerot ovat viime vuosikymmeninä jyrkentyneet kehittyneissä talouksissa ja Suomessa. Raportti käsittelee tuloerojen muutoksia, niiden taustatekijöitä sekä sitä, ketkä ovat menettäneet talouksien rakenteiden muuttuessa. Lisäksi tarkastellaan, millainen talouspolitiikkaa tukee talouskasvua, johon ei liity eriarvoisuuden lisääntymistä.
  • Kajanoja, Lauri (2016)
    Euro & talous. Analyysi
    Tuloerot ovat viime vuosikymmeninä jyrkentyneet kehittyneissä talouksissa ja Suomessa. Tämä artikkeli käsittelee tuloerojen muutoksia, niiden taustatekijöitä sekä sitä, ketkä ovat menettäneet talouksien rakenteiden muuttuessa. Lisäksi tarkastellaan, millainen talouspolitiikkaa tukee talouskasvua, johon ei liity eriarvoisuuden lisääntymistä.
  • Perugini, Cristiano (2020)
    BOFIT Discussion Papers 11/2020
    The microeconomic drivers of medium- and short-term income mobility in Russia over the period 1996–2016 are investigated using data from the Russian Longitudinal Monitoring Survey (RLMS). Focusing on the role of access to credit in triggering household income growth, the descriptive analysis suggests that high levels of mobility materialising in pro-poor patterns of growth may accompany Russia’s notoriously high levels of inequality. Controlling for other personal and household characteristics, the econometric model for drivers of income mobility indicates that access to credit boosts income mobility. Complementary empirical evidence suggests that this effect may unfold through channels related to the labour market and non-labour sources of income.
  • Kinnunen, Helvi; Mäki-Fränti, Petri (2016)
    Euro & talous. Analyysi
    Pitkään jatkunut taantuma uhkaa katkaista sukupolvesta toiseen jatkuneen elintason kasvun Suomessa. Nuorten kotitalouksien käytettävissä olevien tulojen kasvu on heikentynyt tuntuvasti, kun samalla vanhempien ikäluokkien tulokehitys on ollut keskimäärin vahvaa. Pienituloisten osuus on kasvanut sekä nuorissa että vanhoissa ikäryhmissä. Keskituloisissa on eläkeikäisten osuus kasvanut voimakkaasti.
  • Välimäki, Tuomas (2017)
    Euro & talous. Blogi
    Tulojen jakautuminen yhteiskunnassa vaikuttaa talouskehitykseen. Toisaalta myös talouden kehitys vaikuttaa tulonjakoon, joka on talouspoliittisten päätöksentekijöiden näkökulmasta tärkeä teema. Tulonjakoon liittyvät kysymykset ovat kuitenkin varsin monitahoisia.